Doing God’s Work

“I’m a banker just  doing God’s work.”  Lloyd Blankfein. CEO Goldman Sachs Nov. 2009 quoted in The Times. Last week I had a long conversation with a very old friend of mine who is now a Director of Youth and Family Services in one of NYC’s boroughs.  We hear so much about how Wall Street […]

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ETFs – Part 2

So far so vanilla. Now lets look at how, as the ETF market has grown, the clever boys and girls of finance have found ‘innovative’ ways of pumping those ETFs up a bit, just like they did to Securities. Use of Derivatives in ‘Synthetic’ ETFs The main innovation in ETFs has been the creation of what are

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Vulturecrats

A horrid thought has been incubating for the last few days. I don’t know how many of you know much about Vulture Funds, what they do and how they do it, but it forms the basis of my horrid thought. Nations issue debt. After it is bought, it often gets re-sold on what is called

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